UPDATE 1-Avocet Mining swings to H1 pretax loss - News

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UPDATE 1-Avocet Mining swings to H1 pretax loss

By: AFX | 11 Nov 2009 | 02:39 AM ET

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LONDON, Nov 11 (Reuters) - Underperforming gold producer Avocet Mining said it swung to an interim pretax loss after taking an impairment charge relating to its Penjom mine in Malaysia. It moved to a pretax loss of $4.5 million in the six months to end September, after taking an $8.0 million adjustment for deferred stripping, from a profit of $30.9 million in the year-earlier period. Shares in Avocet have climbed 0.8 percent this year, underperforming a 87 percent jump in the UK mining index . Last month, the AIM-listed company announced gold production climbed 3 percent to 28,734 ounces in the second quarter but said commissioning of its Inata project in Burkina Faso will be delayed until January 2010. It said on Wednesday that good progress is being made on the construction and commissioning of the project and first gold is still expected before the end of January. The company said it will continue to seek business opportunities in South East Asia and West Africa. (Reporting by Julie Crust; editing by Neil Maidment) Keywords: AVOCET/ (julie.crust@thomsonreuters.com; +44 207 542 3847) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.

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